"With the enhanced resources, additional processes and technical knowhow that PPI will add to the group, the enlarged Shimtech will be more strongly positioned to bid for larger contracts whilst also providing the benefits of a single, integrated source of manufacturing and supply to our global customers."

The acquisition, which will be funded entirely from internal resources, will form a separate Composite Engineered Structures division within Shimtech. The transaction is expected to complete by the end of October.